
% Table created by stargazer v.5.2.3 by Marek Hlavac, Social Policy Institute. E-mail: marek.hlavac at gmail.com
% Date and time: Wed, May 29, 2024 - 10:33:03
\begin{table}[!htbp] \centering 
  \caption{Credit Spread Before Crises in Different Models} 
  \label{low spread before crises} 
\begin{tabular}{@{\extracolsep{10pt}}lcccc} 
\\[-1.8ex]\hline 
\hline \\[-1.8ex] 
 & \multicolumn{4}{c}{\textit{Dependent variable: credit spread$_t$}} \\ 
\cline{2-5} 
\\[-1.8ex]
 & Static Belief & Bayesian & Diagnostic & Data \\ 
\\[-1.8ex] & (1) & (2) & (3) & (4)\\ 
\hline \\[-1.8ex] 
 pre-crisis indicator & 0.25 & $-$0.25 & $-$0.30 & $-$0.34 \\ 
  &  &  &  &  \\ 
 \hline \\[-1.8ex] 
Observations &  &  &  & 634 \\ 
\hline 
\hline \\[-1.8ex] 
 \multicolumn{5}{p{0.8\textwidth}}{\footnotesize \textit{Note}: regression is:  $ s_t = \alpha + \beta \cdot  1\{t \text{ is within 5-year window before a crisis} \} + controls $. 
  For both model and data, controls include an indicator of within 5 years after the last crisis. Data regression has more controls such as country fixed effect. } \  
\end{tabular} 
\end{table} 
